FirstMerit in Ohio to Offer Homebuyer Assistance in Detroit

FirstMerit Bank in Akron, Ohio, has partnered with the Skillman Foundation to help residents in downtown Detroit purchase homes.

The $24-billion-asset bank will offer residents in Detroit's Cody Rouge neighborhood up to $7,500 to assist with a down payment or closing costs. Skillman will then match the bank's contribution.

"FirstMerit is pleased to partner with Skillman and play a part in the revitalization of this deserving community," said Sandy Pierce, chief executive of FirstMerit Michigan, in an Aug. 18 press release.

FirstMerit also plans to offer a "nontraditional mortgage loan" to help residents finance home improvements. Additionally, the bank will work with Skillman to provide financial literacy and homebuyer education classes.